Brits have until tomorrow to apply for a payment holiday on mortgages, loans and other forms of debt.
During the coronavirus pandemic, those struggling financially were offered help in many different ways.
The payment breaks are taken as part of the Covid-19 proposals which would not be reported on borrowers’ credit files.
But lenders will still be able to see whether or not you’ve paused any payments through other methods, like Open Banking.
Unfortunately this could impact borrowing loans in the future.
If you’re struggling with money during the pandemic and need a payment holiday, the deadline to apply is tomorrow (March 31).
For those who have already been granted a payment break that hasn’t gone over six months, they will be allowed to extend this help.
And if you’ve already had six months worth of a payment holiday, you will not be eligible for further assistance.
However, it is recommended you speak to your lender to discuss what options are available to you if you’re struggling.
All payment breaks due to coronavirus are going to end by July 31, 2021.
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According to the ONS, more than 8 million Brits have had to borrow money to help them during the pandemic.
National poverty charity Turn2us claims one in three people have got into debt since the start of Covid-19.
There are a number of payment holidays you can apply for, here are six:
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